SFT Submission Due Date Extended from 31 May to 30 June 2017 by CBDT
IT Section 285BA requires submission of “Statement of Financial Transaction (SFT)” in Form 61A for certain transactions of FY 2016-17 as prescribed under IT Rule 114E, latest by 31 May 2017. However, based on representations from stakeholders facing some technical issues, the CBDT has extended the due date for filing of such SFT from 31 May to 30 June 2017, as under:
1. The last date for furnishing the statement of financial transactions under Rule 114E(5) of the Income Tax Rules, 1962, (the Rules) read with sub-section (1) of section 285BA of the Income Tax Act, 1961, (the Act) is 31st May, immediately following the Financial Year in which the transaction is registered or recorded, i.e for Assessment Year 2017-18 the last date for furnishing the said statement is 31st May 2017.
2. In order to remove inconvenience and to facilitate ease of compliance, the Central Board of Direct Taxes, in exercise of powers conferred under section 119 of the Act, hereby extends the date of furnishing of the statement of financial transactions under Rule 114E(5) of the Rules, read with sub-section (1) of section 285BA of the Act for Assessment Year 2017-18 from 31st May 2017 to 30th June 2017 in case of persons throughout India who are liable to furnish the said statement.